In reply to Ian F :That’s exactly the way I approach this place. Yes it’s worth a lot but my goal is to live here until I die. Then have my ashes scattered here as my final act of “ownership”.
I understand those who are forced to move frequently or treat their homes as a revenue source. Not everyone decides that where they live is their highest priority.
1988RedT2 said:frenchyd said:I’ll take exception with the idea that a home is not an investment.
Agree. It's an investment and obviously much more. My first house was easily the most lucrative investment I've ever made, in terms of greatest return in the shortest time frame. This one is on track to be pretty good also.
What I like about real estate is how little can control so much. I bought my first place GI bill nothing down. Even borrowed the earnest money from my realtor.
frenchyd said:1988RedT2 said:frenchyd said:I’ll take exception with the idea that a home is not an investment.
Agree. It's an investment and obviously much more. My first house was easily the most lucrative investment I've ever made, in terms of greatest return in the shortest time frame. This one is on track to be pretty good also.
What I like about real estate is how little can control so much. I bought my first place GI bill nothing down. Even borrowed the earnest money from my realtor.
You mean VA loan? GI Bill pays for education.
I move states every 3 to 4 years. Everytime I decide I want to buy a house they pack me up and go.
Ian F said:Investment, asset or whatever. You need a place to live. If you don't plan to move or relocate anytime in the near future, then buying is worthwhile. Personally, I would advocate buying what you can afford on 15 year mortgage. Then when it's done you'll hopefully still be in prime earning years and can really start socking away maximum savings for retirement.
1) Buying is worthwhile *if* your rental needs are similar. If you are single and need 1 or 2 br, no yard, or no shop - rent. It'll be way cheaper than any house you can buy. For a lot of first time home buyers its not apples to apples.
2) 30 year, invest extra in market > 15 year and invest heavy after payoff
The Eastern Shore rules. I've got cousins out there. They all belong to the local yacht club, yet none have boats. Cheap beer and fried seafood at the club, you see.
They, as well as several friends each had their own bar. One in the barn loft, one in an old chicken barn, etc. complete with Kathy Ireland cardboard cut-outs, dartboards, etc.
Old Bay. Chesapeake crabs. The Bay Bridge. You travel to a good place. Good Luck.
In reply to yupididit :
The GI bill is what authorized the VA loan. It also authorized education and several other veterans benefits.
I suppose I could go on line and find all the updates and variations Since the original. Probably some I qualified for but haven’t yet used.
Joe Gearin said:Home ownership is one of the most rewarding things you'll ever do. There's nothing like putting that key in the door after the mortgage closing and knowing it's YOUR place. It's a great feeling. I'm excited for you guys!
That said, when the roof needs replacement, or the A/C or furnace takes a crap---- home ownership is ah....less rewarding! As others have said, get an inspector you trust. Many construction guys are also certified to be home inspectors. See if you have a family friend that can help---and give you the straight scoop.
You're smart folks, even though you both need to obey each other, not just one way. (sorry....I hate the term SWMBO)
Finding a home in a good school district is important. Not only do you want your future kids to go to good schools, the school district greatly affects home value. (think of the difference in cost between Holly Hill and Ormond Beach--- the schools are a huge reason why Ormond is so much more expensive)
Before you make a decision on any home, hang out in the neighborhood--- especially after dark. Take the dog for walks around the area at different times of the day. This is a good way to find out if your potential neighbors are crazed hillbillies who will be screaming at each other after happy-hour every night, or if you have bad-seed teens in the area and so on. Neighbors can make or break a home-buying experience. Check out their backyards, their cars, the condition of their homes. Meet them if you can. You do not want a crappy neighbor living next door---- especially if you'll be messing with cars / working in the shop late at night.
Try not to stress out, or get too emotionally attached to the homes you look at. It's very, very hard not to let emotion come into play----as you'll be imagining the changes you'll make, the future you'll have there. Try to be as logical and sensible as you can be. Also, don't be too discouraged if plans fall through---- -there are tons of "perfect" places out there. (heck, I bid on 4 homes before I finally got mine!)
Good luck! It will all be worth it, when you finally insert that key!
Very well said. As to lots of “ suitable” houses out there. You sure have that right. I bid on 22 houses before I finally got my first one. However I learned a lot on that first one back in 1974. When I had to pay $125 for an appraisal and found out the VA rejected the house every offer from then on included a clause that should the house not pass inspection the earnest money and cost of inspection would be refunded.
The cool part is that giving me money back forces the homeowner to come to the realization that there are standards that must be adhered to in order to sell their home. Thus their neglected maintenance either lowers the price or is repaired at their expense.
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